Millennium Management LLC Has $5.93 Million Position in MGP Ingredients, Inc. (NASDAQ:MGPI)

Millennium Management LLC decreased its position in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 36.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 79,698 shares of the company’s stock after selling 46,689 shares during the quarter. Millennium Management LLC owned approximately 0.36% of MGP Ingredients worth $5,930,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Scout Investments Inc. lifted its position in MGP Ingredients by 30.5% in the first quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock valued at $7,325,000 after purchasing an additional 20,073 shares during the last quarter. Mutual of America Capital Management LLC lifted its stake in MGP Ingredients by 239.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock valued at $5,560,000 after acquiring an additional 45,527 shares during the period. Congress Asset Management Co. MA lifted its position in MGP Ingredients by 21.7% during the first quarter. Congress Asset Management Co. MA now owns 387,003 shares of the company’s stock valued at $33,333,000 after purchasing an additional 68,950 shares during the period. Confluence Investment Management LLC purchased a new position in shares of MGP Ingredients in the 1st quarter worth $3,026,000. Finally, Congress Wealth Management LLC DE grew its stake in shares of MGP Ingredients by 41.9% during the 1st quarter. Congress Wealth Management LLC DE now owns 50,263 shares of the company’s stock valued at $4,329,000 after purchasing an additional 14,843 shares during the period. 77.11% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 36.20% of the company’s stock.

Analyst Upgrades and Downgrades

MGPI has been the topic of several research analyst reports. Roth Mkm restated a “buy” rating and issued a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th.

MGP Ingredients Price Performance

Shares of MGPI opened at $79.76 on Friday. MGP Ingredients, Inc. has a 1-year low of $68.86 and a 1-year high of $104.73. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The firm has a market capitalization of $1.76 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 1.21 and a beta of 0.59. The company’s fifty day moving average price is $84.91 and its 200-day moving average price is $80.46.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.17. The company had revenue of $190.80 million during the quarter, compared to analysts’ expectations of $189.06 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.49 earnings per share. On average, equities research analysts predict that MGP Ingredients, Inc. will post 6.25 EPS for the current year.

MGP Ingredients Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, August 16th. MGP Ingredients’s dividend payout ratio (DPR) is currently 11.09%.

MGP Ingredients Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.